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Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 167. (Read 2115898 times)

full member
Activity: 183
Merit: 100
Hi guys, noob here with a noob question: Why are crypto coins needed -- specifically why does Factom need FCT and Entry Credits? Why can’t external currency (fiat, BTC, etc?) payments for EC just get distributed to the federated servers?  This would prevent spam, and would incentivize them to do the work of maintaining the system. Am I missing something?


If you pay a server, then that server gets paid, yet obligates the other servers to expend resources.  Or if one entity collects the fees, the protocol must trust that entity to pay out fairly.  One wallet isn't decentralized. And as servers come and go, money has to be shuffled around to maintain multi SIG's.  So one party with a wallet makes sense.  But now you have a centralized protocol.

If you sit down and attempt to design a truly decentralized protocol that pays incentives to the servers that run the protocol, the complexity of escrows and bonds and multisignatures required to use am external token is unmanageable.

This problem is hard enough without all this.
newbie
Activity: 1
Merit: 0
Hi guys, noob here with a noob question: Why are crypto coins needed -- specifically why does Factom need FCT and Entry Credits? Why can’t external currency (fiat, BTC, etc?) payments for EC just get distributed to the federated servers?  This would prevent spam, and would incentivize them to do the work of maintaining the system. Am I missing something?
sr. member
Activity: 324
Merit: 250
When m2 is released i expect lots of news of new companies joining fct

we could see a new eth bull run, but most likley bigger eth went up 1000% in 2-3 months fct with not that much supply could see 2/3000%

Big times coming soon hold ur horses dont sell too early

Please stop this type of worthless speculation comments that are out of the reality in most cases. Not against you nut I have against this type of comments which lure people into getting into FCT and be disappointed soon after.
full member
Activity: 163
Merit: 100
When m2 is released i expect lots of news of new companies joining fct

we could see a new eth bull run, but most likley bigger eth went up 1000% in 2-3 months fct with not that much supply could see 2/3000%

Big times coming soon hold ur horses dont sell too early

What's your best estimate as to when M2 will be released?
hero member
Activity: 644
Merit: 500
When m2 is released i expect lots of news of new companies joining fct

we could see a new eth bull run, but most likley bigger eth went up 1000% in 2-3 months fct with not that much supply could see 2/3000%

Big times coming soon hold ur horses dont sell too early
member
Activity: 97
Merit: 10
Time for the price to recover back to at least 0.0033. Exactly as I predicted. Making money on Factom is a real pleasure.

You post this kind of crap (imho) every day here. I think it's pretty clear to the daily visitor that you like to make money. Let's try to keep this forum for some real info that adds value... No hard feelings further. Just a bit annoyed by reading the same nonsense every day.

There is a very nice button just bellow my avatar which says "ignore". If you do not like to read my posts, please press it and problem solved. No need to thank me, it s my pleasure.

On a side note, you need to calm down boy, Factom will recover, just don't be stupid and sell now, you ll make some money on this token too.

I am not selling indeed. Just holding and waiting patiently. Investing with money that I can miss, so I don't care about the minor swings. Just saying that your expectations on price are useless add-ons here. All good anyways. Good luck trading.
legendary
Activity: 1652
Merit: 1007
DMD Diamond Making Money 4+ years! Join us!
Time for the price to recover back to at least 0.0033. Exactly as I predicted. Making money on Factom is a real pleasure.

You post this kind of crap (imho) every day here. I think it's pretty clear to the daily visitor that you like to make money. Let's try to keep this forum for some real info that adds value... No hard feelings further. Just a bit annoyed by reading the same nonsense every day.

There is a very nice button just bellow my avatar which says "ignore". If you do not like to read my posts, please press it and problem solved. No need to thank me, it s my pleasure.

On a side note, you need to calm down boy, Factom will recover, just don't be stupid and sell now, you ll make some money on this token too.
member
Activity: 97
Merit: 10
Time for the price to recover back to at least 0.0033. Exactly as I predicted. Making money on Factom is a real pleasure.

You post this kind of crap (imho) every day here. I think it's pretty clear to the daily visitor that you like to make money. Let's try to keep this forum for some real info that adds value... No hard feelings further. Just a bit annoyed by reading the same nonsense every day.
member
Activity: 84
Merit: 10
Thanks, Paul, for the very thorough explanation of the testing and what the stats mean. I had to read it a couple times.

Just increases my bullishness with everything Factom is doing!

On a side note, I'm hopeful FCT holds .0027 in the face of Bitcoin's rise. At some point FCT market cap should go up based upon the speculative value proposition that continues to strengthen.
full member
Activity: 183
Merit: 100
Some cool testing stats from Factom's twitter:
https://twitter.com/factom/status/798916097806311424




For anyone interested, this was a graph of data collected from a simulation of 25 Factom Federation (M2) nodes running in a well connected network and run on a single computer.   The connections between each node is shown on the right.

The computer was a cloud based server with two cores, 8 GB of memory, and a SSD drive.  Each node runs in its on Go-Routine (which is how concurrency (code that runs in parallel) is implemented in Go).  The nodes are connected with Go Channels to simulate a network.  Code around those channels implements the message drop rate, and network delay of 300 ms (600 ms ping times) between all nodes.   The longest path in this network is three nodes, so some of the Federated Servers are dealing with (300+300+300)*2 ping times (1.8 seconds) with some other Federated Servers.

None the less, each of the 25 nodes handled about 2.5 tps (transactions per second) and 1.69 tps average over the test, with bursts reaching over 7.5 tps.  The simulation as a hole was handling over 45 transactions per second with bursts over 180 transactions per second.  The total footprint of the test was less than 4 GB, so individual servers were using 1/25 of that, or (as graphed) less than 240 MB.   The two CPU's were loaded less than 75% (about 1.5 CPU) with individual nodes at about 11% of a CPU.

(Note most transactions were entries (1.2 million) but with some Factoid transactions (30K).  The simulation was run for over 8 days, with (note the network graph) 9 leaders (the blue nodes), 8 audit servers (the green nodes) and 8 followers (the gray nodes).

All in all pretty decent performance numbers, steady memory usage, CPU load, and management of a slow, somewhat spotty network.

BTW, the simulation code is baked into the code.  Anyone can build a simulation network, and run their own tests on their own hardware.  The scripts to generate transactions are in the factomd/scripts folder in Github.  I have a spreadsheet I'll share from Google Docs that I used to generate the graphs.  Additionally we use the amazing arbor.js (http://arborjs.org) website to visualize the network.

I've run tests on my laptop of 50 node networks and more.  It is a fun tool to play with, and had been the cornerstone of our developing and testing.  Think of it as the software version of the Spanish Inquisition.

In the coming weeks I'll have a blog post that details all the steps to set up and run your own tests, and produce your own graphs.  And in the very near future we will vastly improve that process.

Paul
newbie
Activity: 45
Merit: 0
FCT has found some pretty hard support at 270k, I think if this news is credible we are going to see the price recover to 350k in the short term. If it breaks that resistance we could see 420k with M2 still in waiting.

This is still far, far away from Ether price rush.

Anyway, all we do here is speculate about price, it s getting a bit annoying.

No need to be 'annoyed'. Crypto is just about patience and simple decisions.
legendary
Activity: 1652
Merit: 1007
DMD Diamond Making Money 4+ years! Join us!
FCT has found some pretty hard support at 270k, I think if this news is credible we are going to see the price recover to 350k in the short term. If it breaks that resistance we could see 420k with M2 still in waiting.

This is still far, far away from Ether price rush.

Anyway, all we do here is speculate about price, it s getting a bit annoying.
newbie
Activity: 45
Merit: 0
FCT has found some pretty hard support at 270k, I think if this news is credible we are going to see the price recover to 350k in the short term. If it breaks that resistance we could see 420k with M2 still in waiting.
full member
Activity: 163
Merit: 100
I think Factom have left it too late for M2 or business news to affect factoid price against a rising bitcoin.

What do you mean too late? Even BTC bounces on news or expectations why Factoids would be an exception? I have just entered a market again, time to make some money.

I agree, this is great news for FCT if it turns out to be credible.
legendary
Activity: 1652
Merit: 1007
DMD Diamond Making Money 4+ years! Join us!
I think Factom have left it too late for M2 or business news to affect factoid price against a rising bitcoin.

What do you mean too late? Even BTC bounces on news or expectations why Factoids would be an exception? I have just entered a market again, time to make some money.
newbie
Activity: 50
Merit: 0
I think Factom have left it too late for M2 or business news to affect factoid price against a rising bitcoin.
legendary
Activity: 1652
Merit: 1007
DMD Diamond Making Money 4+ years! Join us!
BTC goes up even more, FCT goes down even more consequently. Still no news about Gates investment, if it comes, it ll definitely have an effect on price.
sr. member
Activity: 644
Merit: 250
Lol if Factom is working with the Bill Gates foundation, that is going to be huge. News will most likely come out tomorrow, just like when the Draper news came out early the same way. Thank you for bringing Factom down to an amazing long entry. You guys are pure fools for keeping the price this low so long, really.
hero member
Activity: 644
Merit: 500
Any devs care to explain?  Roll Eyes


well no response atleast its not fake..

gates does support fct i want a new eth bull run!
legendary
Activity: 1960
Merit: 1128
Lol suddenly it gets removed someone dont want the price to increase

Any other sources to verify it from? Are those news fake?

No other sources as far as I know. This is the link to the cached page that still works for me:
http://webcache.googleusercontent.com/search?q=cache:http://coinjournal.net/blockchain-startup-receives-grant-gates-foundation-medical-records-project/

Thanks for this.. I couldn't find the cached versions...

I like this part, which means it will probably show on the blog soon:
Quote
a spokesperson for Factom told CoinJournal.

Me too. it seems like an exclusive message from Factom for Coinjournal (and maybe some others), but they published it too early by accident I think. The market will probably respond as soon as Factom itself confirms the news.

99% chance that there will be an announcement soon. At least that would be my guess.
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